Trump announces US-Pakistan deal to develop ‘massive' oil reserves, talks tariff relief for allies
'We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,' Trump wrote on Tuesday.
According to Trump, the partnership is still in the early stages, with a leading oil company yet to be selected. 'We are in the process of choosing the Oil Company that will lead this Partnership,' he stated, offering no further details about which firms are under consideration or the terms of the agreement.
In a notable aside, Trump floated the possibility of expanded regional trade: 'Who knows, maybe they'll be selling Oil to India some day!'
While the post did not include any specifics on timelines or scale, it marks a rare public statement on prospective US-Pakistan energy collaboration.
Trump also claimed the White House was actively engaged in trade negotiations with multiple countries on Tuesday. 'We are very busy in the White House today working on Trade Deals,' he wrote, suggesting that a flurry of international outreach was underway.
Trump mentioned an upcoming meeting with a South Korean trade delegation, noting the country currently faces a 25% tariff. 'South Korea is right now at a 25% Tariff, but they have an offer to buy down those Tariffs,' he stated. 'I will be interested in hearing what that offer is,' suggesting openness to a potential tariff rollback, contingent on concessions from Seoul.
According to Trump, other unnamed countries have also signaled interest in negotiating lower tariffs. 'Likewise, other Countries are making offers for a Tariff reduction,' he wrote, arguing that such deals 'will help reduce our Trade Deficit in a very major way.'
Trump concluded by saying, 'A full report will be released at the appropriate time,' suggesting more details may follow on the proposed trade shifts.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
11 minutes ago
- Economic Times
H-1B visa tension rises amid US lawmaker's call to curb Indian tech hiring
NYT News Service A social media post by US Congresswoman Marjorie Taylor Greene has intensified political scrutiny over the H-1B visa programme, widely used by Indian professionals. On August 4, Greene wrote on X, 'End Indian H-1B visas replacing American jobs instead,' while reposting former President Donald Trump's call for higher tariffs on Indian exports over its oil trade with statement, though not tied to any legislative move, has drawn strong reactions from Indian students, legal professionals, and tech workers in the United States. It also coincides with remarks from Trump's aide Stephen Miller, who in a Fox News interview accused India of undermining US interests on trade and immigration.'India portrays itself as being one of our closest friends in the world. But they don't accept our products, they impose massive tariffs on us. We also know they engage in a lot of cheating on immigration policy,' Miller said. India continues to be the top source of H-1B visa recipients. According to US Citizenship and Immigration Services (USCIS), nearly 70% of all H-1B visas approved in FY 2024 were granted to Indian nationals. The programme is often a key step for international students transitioning from academic training to full-time employment in the US. Greene's statement emerged in the context of rising US-India trade tensions, with Trump demanding tariff retaliation for India's energy imports from Russia. While Greene tied her comment to American job losses, Miller's interview offered further criticism of India's economic and immigration practices. Though no new visa restriction has been introduced, the political messaging has prompted concern. US lawmakers have recently debated reforms such as more transparency in the H-1B lottery, better wage protection for domestic workers, and broader access for STEM graduates trained in US institutions. No policy change yet, but messaging matters As of August 2025, the F-1 visa and the Optional Practical Training (OPT) programmes remain operational. Indian students and professionals applying for H-1B visas continue to follow the existing process. However, experts advise staying informed through USCIS updates and seeking legal or academic guidance for long-term Greene and Miller's remarks do not carry immediate policy consequences, they reflect growing scrutiny around skilled migration programmes and outsourcing. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Can Coforge's ambition to lead the IT Industry become a reality? BlackRock returns, this time with Ambani. Will it be lucky second time? Amazon is making stealthy moves in healthcare, here's why! The trader who blew the whistle on Jane Street Stock Radar: Globus Spirits breaks out from 9-month consolidation; check target & stop loss for long positions Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus These large-caps have 'strong buy' & 'buy' recos and an upside potential of more than 25% Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 36% in 1 year
Hindustan Times
11 minutes ago
- Hindustan Times
America's tariff avalanche catches Switzerland unawares
THE FIREWORKS in celebration of the Rütlischwur, the foundational oath of Switzerland on August 1st 1291, had just subsided when Donald Trump announced that Swiss exports to America would soon face tariffs of 39%. It came as a shock to Europe's most stubbornly independent country. After consulting with businesses and holding a crisis meeting on August 4th, the government announced it will make America a more attractive offer. Switzerland had negotiated early and swiftly. The deal it offered 'was not so different from that of the European Union', says a senior Swiss official. It contained similar pledges to invest in America, an overall tariff rate that was lower than the EU's, a few concessions on agriculture and various other offers, such as collaboration in training American manufacturing workers. Switzerland could hardly open the Swiss market any further: the country had already cut tariffs on nearly all industrial goods to zero, and its currency is overvalued by about 50%, according to The Economist's Big Mac index. What sealed Switzerland's fate was its outsize trade surplus with America. The Eidgenossenschaft (oath confederation), as the Swiss call their country, exported goods worth about $48bn more to America in 2024 than it imported. That comes to about 5% of Swiss GDP—too much for the deficit-obsessed American president, who bizarrely thinks this amounts to 'stealing money' from Americans. The country was lucky that he did not take as his baseline early 2025, when Switzerland's trade surplus with America ballooned to a whopping $54bn in the first quarter alone. What sealed Switzerland's fate was its outsize trade surplus with America. The culprit behind that surge was Mr Trump. Upon his inauguration, uncertainty over America's economic policy rose sharply, leading investors to seek safety in one of Switzerland's main exports: gold (see chart). The country is responsible for about a third of global gold refining, and typically exports around $4.5bn-worth of the precious metal to America each year. But in 2024 America imported $12.5bn-worth of gold from the country. Switzerland's role as a refiner can make trade flows look deceptively big. Although its gold exports amounted to $116bn last year, it also imported $100bn-worth of the metal. With some 1,000 workers in total, the industry is not exactly a jobs-booster. America charges no tariffs on gold imports, and Mr Trump is not likely to impose any on his favourite metal. Switzerland's gold exports, along with the watches and jewellery it sells to America (worth $7bn in 2024), may simply have convinced the president the country is rich enough to bear more. Pharmaceuticals are the other Swiss export that aroused the president's ire. The Swiss shipped $35.5bn of these to America last year. 'We want to be making pharmaceuticals in our country,' Jamieson Greer, the US trade representative, said after the tariff announcement. America is also keen to bring down the prices of medicines. Mr Trump sent letters to 17 pharma CEOs, including those of Novartis and Roche, two Swiss companies, to demand prices in line with the lowest in comparable economies. 'I don't think it was a coincidence that we had a tough call with the president 20 minutes after he had sent out his letters to the pharma industry,' says the Swiss official. Luckily for Switzerland, tariffs on drugs will remain at zero until America makes decisions about its global pharma policy. Because of the exemptions for gold and (temporarily) pharma, Switzerland faces an overall effective tariff rate of just 12% for now. But businesses other than gold and pharma must pay the 39% rate, much to their dismay. They might end up as the main victim of Mr Trump's economically misguided focus on bilateral trade balances. Half of Switzerland's overall trade surplus with the world is with America, because its specialties—pharma, gold, luxury items and high-end machinery—fit American demand. Thermoplan, the sole supplier of coffee machines to Starbucks, a coffee chain, is reluctantly considering a partnership with an American firm to lower the tariff burden. 'There is a wide range of responses among businesses. Some say they will just increase prices, others have already lost half of their orders from America,' says Daniel Kalt of UBS, a bank. Switzerland is likely to face a mild recession, should the tariffs stick. Many hope negotiations will bring down the rate. And Switzerland's flexible economy will be able to adjust. The Swiss will also look more eagerly to co-operate with others. The EU's better deal is helpful because Swiss firms are integrated into European supply chains, and the country trades far more with Europe than America. Yet politically, being slighted by America hurts. The country is moving towards a referendum on a permanent package of agreements with the EU, in place of its long-standing patchwork of temporary deals. Eurosceptics who want to reject that proposal will find their case harder to make. 'Their narrative is breaking down now, being alone out there has not paid off,' says Mr Kalt. That was also the central insight of the Rütlischwur more than 700 years ago.
Mint
13 minutes ago
- Mint
Russia exits nuclear treaty with US: Who's threatened, is a new power standoff emerging? All you need to know
In a dramatic escalation of tensions with the United States, Russia has formally declared it will no longer honour self-imposed limits under the Intermediate-Range Nuclear Forces (INF) Treaty, signalling a renewed push to deploy short- and intermediate-range nuclear missiles. The development, confirmed on Tuesday by the Russian Foreign Ministry, comes amidst rising geopolitical friction — fuelled by sanctions, nuclear posturing, and a heated standoff over global oil trade. Here's a breakdown of what this means, who it affects, and why the world is watching closely. Russia's decision follows a sharp uptick in nuclear rhetoric and military manoeuvring from both sides. In a strongly worded statement, Moscow said it 'no longer considers itself bound' by its 'previously adopted self-restrictions' under the INF Treaty. The Kremlin cited the United States' own actions, particularly the deployment of intermediate-range missiles in Europe and Asia, as justification. The Russian Foreign Ministry also pointed to recent political tensions and military threats from Washington, including the stationing of American nuclear submarines in undisclosed locations. These moves, Moscow claims, undermine the spirit of mutual restraint that once defined the landmark treaty. The primary countries threatened by Russia's recent exit from the Intermediate-Range Nuclear Forces (INF) Treaty with the United States are the NATO member states in Europe, as well as countries in the Asia-Pacific region. Russia's withdrawal and its intention to redeploy such missiles raise the threat level for European countries that lie in missile range, including NATO allies bordering Russia. Additionally, the Asia-Pacific region faces increased risk due to reports of U.S. plans to deploy intermediate-range missiles in places like the Philippines and Germany, which Russia views as hostile moves. Moscow has pointed specifically to these deployments, along with NATO's stance, as justifications for ending its self-imposed moratorium on missile deployment, arguing that such actions threaten Russian national security. Signed in 1987 between the United States and the former Soviet Union, the Intermediate-Range Nuclear Forces Treaty was a cornerstone of Cold War arms control. It eliminated an entire class of nuclear-capable missiles with ranges between 500 and 5,500 kilometres, drastically reducing the risk of a fast-escalating nuclear conflict in Europe. However, the treaty began to unravel when the US withdrew in 2019, citing alleged Russian violations. At the time, Moscow responded by pledging not to deploy such missiles unless the US did so first — a promise it has officially revoked in 2025. Tensions reached a boiling point last week when US President Donald Trump announced sweeping new sanctions on Russia. These included threats to penalise countries, including India and China, that continue to purchase Russian oil. Donald Trump set an August 8 deadline for Russian President Vladimir Putin to agree to a ceasefire in Ukraine, warning of broader consequences if the Kremlin failed to comply. He also revealed that two US nuclear submarines had been repositioned for combat readiness. In response, Russian officials warned of the dangers of escalating nuclear brinkmanship. Kremlin spokesman Dmitry Peskov urged all parties to be 'very, very careful' with nuclear rhetoric. India finds itself in Washington's crosshairs over its continued import of Russian crude oil. The US recently announced a 25 per cent tariff on Indian goods and hinted at further penalties for New Delhi's defence and energy ties with Moscow. New Delhi hit back, calling the measures 'unjustified and unreasonable'. In a strongly worded statement, India's Ministry of External Affairs (MEA) vowed to take 'all necessary measures' to protect the country's economic security and national interest. External Affairs Minister S Jaishankar, addressing a public event, underlined India's support for a 'fair global order' — one not dominated by a few powers. He also noted the hypocrisy of the West, pointing out that the US and EU continue to import certain commodities from Russia, even as they criticise others for doing the same. Since the European Union banned most Russian oil imports in January 2023, trade routes have dramatically shifted eastwards. According to reports by the Associated Press, China, India, and Turkey have emerged as the top buyers of Russian energy exports. China leads the list, having imported approximately $219.5 billion worth of Russian oil, gas, and coal. India follows with $133.4 billion, while Turkey has imported around $90.3 billion. India's imports from Russia rose from less than 1 per cent before the Ukraine war to over 35–40 per cent of total oil purchases today. This shift was partly encouraged by Western powers early in the conflict, as a means to maintain global supply and stabilise prices — a stance now being conveniently reversed. Russia's exit from the INF Treaty and its renewed missile ambitions have rekindled fears of a Cold War-style arms race. The mutual deployment of nuclear-capable assets, tit-for-tat sanctions, and rising distrust between global superpowers suggest that the post-Cold War era of strategic cooperation may be unraveling. Experts warn that without a framework like the INF to manage military escalation, the world faces a higher risk of miscalculation and conflict. The lack of direct communication channels between Washington and Moscow, paired with rising regional tensions in Asia, only adds to the uncertainty. As the 8 August ceasefire deadline approaches, all eyes are on Moscow. Whether President Putin will respond to Trump's ultimatum remains to be seen. Meanwhile, India, China, and other key global players may find themselves caught in the crossfire of a deepening US-Russia confrontation. For now, the collapse of yet another nuclear treaty signals a more dangerous, unstable world — one where deterrence may once again be determined not by diplomacy, but by the presence of missiles on hair-trigger alert.
